Shareholder Fees (A, C, Y Shares)

Investment Strategy

The Davis Government Money Market Fundseeks to achieve current income consistent with the principles of capital preservation and maintaining liquidity.

The Fund is a money market fund that seeks to preserve the value of your investment at $1.00 per share. There is no guarantee the Fund will be successful in maintaining a $1.00 share price.

The Fund invests primarily in short-term U.S. government agency securities that carry the highest credit rating but yield more than U.S. Treasury securities of comparable maturities.

It invests exclusively in U.S. Treasury securities, U.S. government agency securities, and U.S. government agency mortgage securities as well as repurchase agreements collateralized by U.S. government securities. The Fund seeks to maintain liquidity and preserve capital by carefully monitoring the maturity of its investments. The Fund’s portfolio maintains a dollar-weighted average maturity of 60 days or less.

This material must be accompanied or preceded by a current Davis Government Money Market Fund Prospectus. You should carefully consider the Fund’s investment objective, risks, charges, and expenses before investing.The prospectus contains this and other information and can be obtained by clicking here or calling 800.279.0279. Read the prospectus carefully before you invest or send money.

Davis Advisors agreed to waive some or all of its advisory fees and to reimburse expenses to the extent necessary so that Davis Government Money Market’s investment income will not be less than zero until May 1, 2020.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.